Avenue Supermarts (DMART)'s consol EBITDA/PAT grew >2x YoY on strong revenue recovery of 47% YoY (30% above pre-COVID levels). This was coupled with healthy improvement of 40bp/240bp in gross/EBITDA margins, as opex cost optimization was much better than expected. We revise our FY22/FY23 EBITDA/PAT estimates by ~15%, largely extrapolating current cost efficiencies, even as sharp revenue recovery was built into our estimates. We factor in an FY2024E revenue/PAT CAGR of strong 27%/31% as we see a limited effect on growth despite the COVID-19...